Ireland is the fastest growing European market for digital ad spend, new industry figures show.

It may be time to rethink your marketing spend and annual plan as reports show Ireland is leading the way in digital ad spend in Europe. According to IAB Europe's AdEx Benchmark, Ireland saw a 29pc rise in digital ad spend in 2015, far outstripping any European rivals. The UK's ad spend market grew by 16.9pc while the EU average growth was 13.1pc. The growth comes as Ireland's economy continues to outstrip all other EU countries in GDP growth. Last year, the economy grew by over 7pc, while it is expected to grow by 5pc this year. Studies have shown that ad spend will reflect economic growth.

Overall, online advertising grew 13.1pc in Europe last year, reaching a market value of €36.2bn. This surpassed the €33.3bn European TV market, according to IAB Europe's AdEx Benchmark research. In total, the research indicates a €30bn net addition to the European online ad market over the last 10 years.

Display advertising outperformed other categories with a growth rate of 17.4pc. In 2015, the total value of the Display ad market was €13.9bn. Search advertising showed growth of 12.pc with a market value of €16.9bn. Search advertising continues to be the largest online advertising format in terms of revenue and has increased its growth in 2015 after a slight decrease in 2014.
Growth in these online advertising formats has been underpinned by shifting uses in devices and changing consumption patterns, according to IAB executives.

"Over the past ten years, online advertising in Europe has morphed from an afterthought in media buying into an indispensable set of channels for reaching and engaging consumers that now trumps TV in terms of overall marketer spend," said Daniel Knapp, director of advertising research at IHS Technology and author of the research. "Online advertising today stands for a diversified infrastructure that caters to multiple marketing objectives from direct response to branding as the sustained growth of both paid-for-search and video in our study demonstrates."
In Ireland, nearly 50pc of online advertising is now generated on mobile, according to the research. Across Europe, mobile display now accounts for €3.5bn or 25.4pc of the display market, with a growth rate of 60.5pc compared with 2014. Online video advertising also showed strong growth, now representing 16.7pc of the display market.
"It is a fitting milestone to see online overtake TV as the largest advertising medium on the tenth anniversary of the AdEx Benchmark edition," said Eleni Marouli, a principal analyst at IHS Technology and author of the report.

"In a challenging economic environment and flat media market, online advertising has been the shining star, keeping the European advertising market afloat and, in 2015, lifting it out of decline.
"Mature and emerging markets alike have noted strong growth rates again this year, demonstrating that innovation in formats, data and targeting continues to attract performance and brand budgets online."
Source: Indo Business